9/16/2016: What’s up with 424-432 Cherry St?

Remember this winter when CAN DO was proposing 9 units for homeless families at 424-432 Cherry?

424 Cherry

Think everyone knows it ain’t happening. CAN DO terminated the Purchase & Sale Agreement because of the difference between the appraisal value and the purchase price. Village Bank appraised the property for $1.8M but CAN DO had already agreed to pay the seller $2.5M.

Look I didn’t go to a fancy school in Cambridge. I barely graduated college. Even I know these numbers don’t work.

So what’s up with the property now? It’s back on the market for $2.5M. Don’t expect an update on this place anytime soon you guys.

 

1/4/2016: Affordable housing proposed for Cherry St

Citizens for Affordable Housing in Newton Development Organization (CAN-DO) has proposed to re-develop 424-432 Cherry St into 9 residential units for chronically homeless individuals and families. This 14,000 sq/ft property, located at the corner of Cherry & Webster, is currently being used as offices for a financial management business. CAN-DO’s $6 million re-development proposal would not alter the exterior (historically significant) but basically gut the interior add 3 residential units in the back of the property.

424 Cherry

The application/hearing/decision process with the City is going to play out over the next 6 months. For more information, please find the full proposal here:

http://www.newtonma.gov/civicax/filebank/documents/70844